As I mentioned briefly yesterday, inventory is starting to stack up in a hurry here in the Phoenix real estate market. We were up more than 600 homes from a week ago as of yesterday and that figure climbed above the 700 mark by the time of today’s update.
Sales are off slightly which is to be expected. Sales are a lagging indicator so January usually posts some of the year’s worst numbers due to the December slowdown.
Overall, Maricopa County has a 16-month supply of single-family detached homes on the market. Absorption rate figures across the individual cities and towns are almost all up as well due to the rebound in inventory levels.
Jayson asked yesterday about the figures for condos and townhouses. I’ve never tracked these because there are far too many ways to list a condo or townhouse in the MLS at this point in time. They could be listed at patio homes (though those theoretically are detached many single-story townhouses – particularly in active adult areas such as Westbrook Village in Peoria – are labeled as patio homes) or as townhouses or as “apartment style” – usually but not always a condo conversion.
So there would be no way of knowing if the numbers had any meaning or were even slightly indicative of what’s really happening. And that’s an issue.
Moving along … as always, click on any of the markers below to see the details for any of the cities and towns in Maricopa County. Also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.[tags]Phoenix real estate, real estate absorption rate[/tags]